AUDUSD TECHS: Trend Needle Points North

• RES 4: 187.95 High Apr 17 and the bull trigger  
• RES 3: 187.47 High Jul 29 
• RES 2: 185.69 20-day EMA 
• RES 1: 185.37 50-day EMA
• PRICE: 183.18 @ 19:44 BST Jul 31
• SUP 1: 181.41 Low Jul 31 
• SUP 2: 180.81 Low Feb 12
• SUP 3: 180.13 23.6% retracement of the Feb 28 ‘25 - Apr 17 bull leg
• SUP 4: 178.82 High Oct 30 2025

EURJPY reversed course last Thursday and the sharp sell-off highlights the end of the recent bull cycle - for now. The cross has traded through both the 20- and 50-day EMAs and cleared a trendline support drawn from the Jun 5 low. Note that 182.05, the May 06 low and a key support, has been cleared too. The breach of this level exposes 180.81, the Feb 12 low. Initial resistance is 185.37, the 50-day EMA.

• RES 4: 164.73 Top of a bull channel drawn from Feb 12 low
• RES 3: 163.99 High Jul 23
• RES 2: 162.77 50-day EMA
• RES 1: 161.56 50-day EMA
• PRICE: 158.84 @ 19:39 BST Jul 31
• SUP 1: 157.28 Low Jul 31
• SUP 2: 157.15 76.4% retracement of the May 6 - Jul 23 bull cycle
• SUP 3: 156.02 Low May 7
• SUP 4: 155.04 Low May 6 and a key support 

USDJPY traded sharply lower last week. The pair has breached the 20- and 50-day EMAs suggesting potential for a deeper retracement of the May 6 - Jul 23 bull cycle. The 61.8% retracement at 158.46, has been cleared and attention is on 158.04, the base of a bull channel drawn from the Feb 12 low. Price has traded through it strengthening a bear threat. A continuation lower would open 155.04, May 6 low. 161.48, the 50-day EMA is first resistance.

• RES 4: 0.8652 High Jun 26 
• RES 3: 0.8632 76.4% retracement of the Jun 22 - Jul 15 bear leg  
• RES 2: 0.8601 61.8% retracement of the Jun 22 - Jul 15 bear leg
• RES 1: 0.8588 High Jul 30
• PRICE: 0.8555 @ 19:38 BST Jul 31
• SUP 1: 0.8518/8455 Low Jul 22 / 15 and the bear trigger 
• SUP 2: 0.8443 2.236 projection of the May 18 - 25 - Jun 22 swing   
• SUP 3: 0.8400 Round number support
• SUP 4: 0.8374 76.4% retrace of the Dec 19 ‘24 - Nov 14 ‘25 bull leg  

EURGBP is trading closer to its recent highs. Short-term gains have allowed a recent oversold trend condition to unwind. The trend needle, however, continues to point south and the latest recovery is considered corrective. Key resistance and a pivot level to watch, is the 50-day EMA at 0.8583. It has been pierced, a clear break of it would signal scope for a stronger recovery near-term. Key support and the bear trigger lies at 0.8455, the Jul 15 low.